We examine the effects of presentation and information on the take-up
of financial subsidies for retirement saving in a large randomized
experiment carried out with H&R Block. The subsidies raise take-up
and contributions with larger effects when the subsidy is characterized
as a matching contribution rather than an equivalent-value tax
credit (or cash back), and when filers are informed before the tax
season about the subsidy. The results imply that both pure incentives
and the presentation of those incentives affect consumer choices.
(JEL D14, H24, H31, J26)